Aris Mining Full-Year 2024 Net Income Doubles Year-on-Year
Vancouver, Canada-based gold miner Aris Mining – operator of the giant Segovia, Antioquia gold mine as well as a development-stage gold mine at Marmato, Caldas – announced March 12 that full-year 2024 net income hit US$24.6 million, a 115% hike over the US$11.4 million net income in 2023.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for full-year 2024 came-in at US$147.5 million, down 7.5% from the US$159 million in EBITDA for 2023.
During fourth quarter (4Q) 2024, Aris boasted of record quarterly net income (US$22 milion) while 4Q 2024 adjusted EBITDA came-in at US$56 million.
Commenting on the results, Aris CEO Neil Woodyer stated that the Segovia mine during 4Q 2024 “achieved a three-year high in AISC [all-in sustaining costs] margin of US$58.3 million, a 32% increase over 3Q, reflecting our continued focus on improving operational efficiency and cost controls.
“We remain on track to commission the expanded processing facility at Segovia in 2Q 2025 with the installation of the second ball mill currently underway. As a result of the ramp-up to 3,000 tons-per-day capacity by year-end [2025], Segovia is expected to produce 210,000 to 250,000 ounces this year and in the range of 300,000 ounces per year from 2026 onwards.”
Meanwhile, Aris “has been exploring opportunities to expand Marmato into a higher-capacity operation, increasing production and reducing unit costs. As a result of the expansion plans, new Marmato has the potential to produce over 200,000 ounces of gold per year,” according to the company.
During 2025, “Aris Mining expects consolidated gold production of between 230,000 and 275,000 ounces, with in-progress expansion projects to contribute to production growth in 2025 and beyond,” the company added.
